SEOUL, Jul. 16 (Korea Bizwire) — The industry ministry said Tuesday it has asked the country’s four major oil refiners to refrain from excessive price increases as part of efforts to combat lingering inflation. Second Vice Industry Minister Choe Nam-ho made the remark during his meeting with representatives from SK Energy Co., GS Caltex Corp., [...]
SEOUL, Apr. 15 (Korea Bizwire) – The government will extend the tax cut on fuel consumption by an additional two months amid growing tensions in the Middle East, Finance Minister Choi Sang-mok said Monday. South Korea has applied a 25 percent discount on the consumption of gasoline and a 37 percent discount on the consumption [...]
SEOUL, Oct. 4 (Korea Bizwire) – As international oil prices continue to soar due to the extension of oil production cuts by Saudi Arabia and Russia, offshore platforms drilling for oil and gas stored beneath the sea and tankers for transport are coming into the spotlight. According to Clarkson Research, a U.K.-based specialist in analyzing shipbuilding [...]
SEOUL, July 14 (Korea Bizwire) — Domestic prices of gasoline and diesel are also on the skids as oil prices have dropped sharply due to concerns about a global economic recession. SK Energy Co., South Korea’s leading oil refinery and gas station operator, recently informed front-line gas stations that it would greatly lower gasoline and [...]
SEOUL, May 18 (Korea Bizwire) – South Korea’s oil refining industry enjoyed record-high first quarter results thanks to an improvement in oil-refining margins resulting from soaring oil prices. Nonetheless, the industry remains cautious due to the boomerang effect of what are now sky-high prices. A spike in oil prices, in general, leads to an increase [...]
SEOUL, Oct. 22 (Korea Bizwire) — South Korea plans to temporarily cut fuel taxes in a bid to ease upward pressure on inflation amid surging oil prices, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon also said the government plans to additionally cut import tariffs on liquid natural gas (LNG), currently [...]
SEOUL, April 22 (Korea Bizwire) — South Korean brokerage houses have sharply cut their first-quarter earnings outlook for major refiners and chemical makers on tumbling oil demand and prices due to the coronavirus outbreak, a market tracker said Wednesday. According to FnGuide, 13 oil refiners, gas firms and chemicals manufacturers are estimated to post a [...]
SEOUL, Jan. 17 (Korea Bizwire) — South Korean petrochemical companies have since last year been moving to make big investments and diversify their portfolios to prepare for changes in the business environment, including higher oil prices, the energy ministry said Wednesday. Major petrochemical companies are set to hold a meeting in Seoul where they will [...]
SEOUL, Nov. 20 (Korea Bizwire) — Global oil prices have rallied in the past weeks and may settle above the US$60 level in the near future, a boon for Korean shipbuilders still struggling with falling new orders, industry sources said Monday. Oil prices rebounded Friday on hopes for the extension of an OPEC output cut [...]
SEOUL, Oct. 26 (Korea Bizwire) — Exports of oil and related goods by South Korean refiners reached an all-time high in the first nine months of the year on firm demand and higher oil prices, industry data showed Thursday. According to the data compiled by the Korea Petroleum Association, oil and petrochemical goods exported by [...]